Terex Corporation Authorizes New Share Repurchase Program
May 30 2017 - 9:13AM
Business Wire
Terex Corporation (NYSE:TEX) today announced that its Board of
Directors authorized a new share repurchase program of up to $280
million. The Company completed its previous share repurchase
program earlier in May 2017.
John L. Garrison, Terex President and Chief Executive Officer,
stated, “During our Investor Presentation in December 2016 we
committed to pursuing a disciplined capital allocation strategy
that included the efficient returns of capital to shareholders
through share repurchases of $1 billion to $1.5 billion. Today’s
new $280 million share repurchase authorization, when combined with
the $420 million of shares already repurchased in 2017 totals $700
million, demonstrating our commitment to executing this strategy.
In conjunction with our Focus, Simplify and Execute To Win
strategy, our Disciplined Capital Allocation Strategy has been and
will continue to create long term value for our shareholders.”
The timing of the share repurchase program will be based on
available liquidity, cash flows and general market conditions. The
repurchase program may be executed through various methods,
including open market purchases.
About Terex
Terex Corporation is a global manufacturer of lifting and
material processing products and services that deliver lifecycle
solutions to maximize customer return on investment. The
company reports in three business segments: Aerial Work Platforms,
Cranes, and Materials Processing. Terex delivers
lifecycle solutions to a broad range of industries, including the
construction, infrastructure, manufacturing, shipping,
transportation, refining, energy, utility, quarrying and mining
industries. Terex offers financial products and services
to assist in the acquisition of Terex equipment
through Terex Financial Services. Terex uses its
website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
Forward-Looking Statements
This press release contains forward-looking information
regarding future events or the Company’s future financial
performance based on the current expectations of Terex Corporation.
In addition, when included in this press release, the words “may,”
“expects,” “intends,” “anticipates,” “plans,” “projects,”
“estimates” and the negatives thereof and analogous or similar
expressions are intended to identify forward-looking statements.
However, the absence of these words does not mean that the
statement is not forward-looking. The Company has based these
forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
Terex Corporation200 Nyala Farm Road, Westport,
Connecticut 06880Telephone: (203) 222-7170, Fax: (203) 222-7976,
www.terex.com
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version on businesswire.com: http://www.businesswire.com/news/home/20170530005663/en/
Terex CorporationBrian J. Henry, 203-222-5954Senior Vice
PresidentBusiness Development & Investor
Relationsbrian.henry@terex.com
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